DWIC Connect 2026: GCC infrastructure pipeline to fuel MEASA insurance growth

A pipeline of 1,400 GCC construction projects due to start by the end of 2026 is set to create significant opportunities for insurers, as Dubai’s re/insurance market continues to expand despite recent regional conflict, panellists at DWIC Connect Istanbul said.

Ahmed Rajab, founder and CEO at Shields, said around half of those identified projects were infrastructure and energy related, with more than half publicly financed.

Panellists emphasised that the Dubi International Financial Centre (DIFC) had developed rapidly since its creation 22 years ago, helped by demand for regional expertise and faster decision-making.

“Reinsurance stopped being international and started being more regional, because the local markets are growing so fast that they need quick answers and quick support to the insurance companies,” he said.

Phil Story, senior executive officer, ITA (Middle East) and chairman of the DIFC Insurance Association, said DIFC’s insurance premium had been growing at nearly 20% compound annually.

Large infrastructure projects, including pipelines and rail, would support further growth, he said, adding: “All of that will need insurance. So that’s where you’re going to get some significant growth over the next few years.”

Peter Englund, senior executive officer for the Middle East at Zurich, highlighted energy, construction and cyber among likely growth classes, but stressed that future access to markets such as Iran would depend on more than sanctions relief.

“Capital follows certainty,” Englund said. “We’re also talking about things like contract certainty, rule of law, claim settlement, claims management, and all those things will effectively unlock that capital.”

Andy Woodward, founder of Andy Woodward Consulting, emphasised that Dubai had repeatedly demonstrated resilience.

“Florida does windstorm, Japan does earthquake. We do regional insecurity,” he said. “The Middle East has shown, but particularly Dubai, again and again a remarkable level of resilience and ability to bounce back.”

Woodward also pointed to growing demand for talent in Dubai. “Even with what’s happened in 2026, you’ve got great talent, and there’s some of it in this room wanting to come and live in Dubai,” he added.